As we approach the FOMC release, volatility in the market is expected to increase. As we can see, price has rallied to a key Bearish Orderblock on the hourly timeframe chart.
I am looking to short BTCUSDT due to the following confluences:
~ Price has reached a key Bearish Orderblock.
~ Price has reached the premium area of the current trading range on this hourly chart.
~ There is Buy-Side Liquidity (BSL) by $18 800 that is very likely to get raided.
~ There is a Fair Value Gap (FVG) just below the BSL by $18 500.
~ The Market structure on the higher timeframes such as the Daily timeframe is still bearish with a major BSL around $17 500 price level. So i can expect price to reach that price level before targeting the Sell-Side Liquidity (SSL) above current price level.
Any important news release adds volatility to make the price action move quicker than usual days when there are no news releases. This is a High probable trade setup but not a Certainty.
Happy Trading Pals